Respond to the following prompts regarding interest capitalization. Clearly demarcate your responses to parts A and B using headings. When providing journal entries, use good form, as illustrated here: Date Description of journal entry Dr. Account name $amount Cr. Account name $amount A- Required: ABC began construction of a recycling facility (for its own use) on January 1, 2020. It was completed and ready to use on June 30, 2020. Expenditures occurred on January 1 ($800,000), March 31 ($400,000), May 31 ($240,000), and June 30 ($100,000). ABC obtained a construction loan on January 1, 2020 for $900,000 at 8% interest. This loan was outstanding during the entire construction period. During the entire construction period, ABC had two general purpose loans outstanding ($1,000,000 at 5% interest and $600,000 at 7% interest). What amount of interest should ABC capitalize? B - Required: Assume ABC has recorded interest expense as normal throughout 2020. What journal entry would ABC record to capitalize the interest that you calculated in Part A